Mahindra EPC Irrigation Limited (MAHEPC) AI Stock Analysis

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Mahindra EPC Irrigation Limited

(NSE:MAHEPC)

Select Model

Rating:60Neutral

Price Target:INR 100.00▼(-4.29% Downside)

Action:reiterated

Date:10/17/26

The overall score of 60 reflects a company with a solid balance sheet and improving profitability, but significant cash flow weakness and a high valuation weigh on the outlook. Technicals show short-term strength against a longer-term downtrend, adding caution.

Positive Factors

Revenue RecoveryThe rebound in revenue indicates that Mahindra EPC Irrigation has regained business momentum in its agricultural irrigation market. A larger revenue base can support operating leverage, strengthen customer reach, and provide a foundation for more consistent earnings over the next several quarters.

Negative Factors

Negative Cash GenerationRecent negative operating and free cash flow indicates that reported profits are not yet converting reliably into cash. Persistent outflows could increase dependence on external funding, constrain investment flexibility, and make earnings quality more vulnerable to working-capital timing over the next several quarters.

Mahindra EPC Irrigation Limited (MAHEPC) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.84B
Dividend Yield: ―
Average Volume (3M): 2,523
Price to Earnings (P/E): 25.4
Beta (1Y): 1.40
Revenue Growth: 13.26%
EPS Growth: -18.89%
Country: India
Employees: 327
Sector: General
Sector Strength: 55
Industry: Agricultural - Machinery

Mahindra EPC Irrigation Limited Business Overview & Revenue Model

Company Description

Mahindra EPC Irrigation Limited specializes in producing and distributing micro-irrigation solutions across India. Their extensive range of drip irrigation offerings includes both online systems, such as drippers and basic lateral pipes, and various...

How the Company Makes Money

MAHEPC makes money primarily by selling irrigation equipment and related solutions to agricultural customers. Key revenue streams typically include: (1) Sale of micro-irrigation systems: revenue from supplying components and complete systems used in...

Mahindra EPC Irrigation Limited Financial Statement Overview

Summary

Mixed financials: Strong balance sheet (Score 78) with low debt, but weak cash flow (Score 42) with negative operating cash. Income statement (Score 68) shows revenue growth but gross margin compression. Overall, profitability is improving but cash conversion remains a significant concern.

Income Statement

68Positive

Balance Sheet

78Positive

Cash Flow

42Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	3.27B	3.12B	2.73B	2.62B	2.10B	2.12B
Gross Profit	1.45B	1.34B	1.47B	1.22B	384.50M	779.64M
EBITDA	218.20M	215.90M	163.50M	84.30M	-106.30M	-49.95M
Net Income	113.70M	126.90M	72.10M	16.70M	-123.10M	-79.07M
Balance Sheet
Total Assets	3.45B	3.52B	2.92B	2.57B	2.53B	2.80B
Cash, Cash Equivalents and Short-Term Investments	25.60M	300.00K	16.90M	30.10M	81.20M	400.00K
Total Debt	436.90M	453.10M	254.00M	159.00M	151.50M	251.91M
Total Liabilities	1.60B	1.67B	1.19B	918.10M	897.70M	1.04B
Stockholders Equity	1.85B	1.85B	1.73B	1.65B	1.63B	1.75B
Cash Flow
Free Cash Flow	0	-215.60M	-63.50M	-9.00M	168.50M	-239.49M
Operating Cash Flow	0	-193.90M	-43.90M	15.80M	190.30M	-231.31M
Investing Cash Flow	0	-21.90M	-15.30M	-16.70M	-24.00M	-9.63M
Financing Cash Flow	0	199.20M	74.10M	-41.30M	-122.50M	197.14M

Mahindra EPC Irrigation Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price104.48

Price Trends

50DMA99.77Positive

100DMA105.88Negative

200DMA111.07Negative

Market Momentum

MACD0.22Negative

RSI62.49Neutral

STOCH88.12Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHEPC, the sentiment is Positive. The current price of 104.48 is above the 20-day moving average (MA) of 99.00, above the 50-day MA of 99.77, and below the 200-day MA of 111.07, indicating a neutral trend. The MACD of 0.22 indicates Negative momentum. The RSI at 62.49 is Neutral, neither overbought nor oversold. The STOCH value of 88.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHEPC.

Mahindra EPC Irrigation Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MAHEPC against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ESCORTS	70Outperform	INR 266.69B	20.33	―	2.10%	18.86%	-44.17%
IN:VSTTILLERS	68Neutral	INR 34.36B	31.38	―	0.63%	17.02%	-5.12%
IN:MAHEPC	60Neutral	INR 2.83B	25.40	―	―	13.26%	-18.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:RMDRIP	55Neutral	INR 7.85B	17.18	―	0.17%	―	―
IN:INDOFARM	51Neutral	INR 6.15B	24.68	―	―	11.14%	-8.73%
IN:JISLDVREQS	45Neutral	INR 20.41B	-39.23	―	―	6.88%	-183.87%

* General Sector Average

Performance Comparison

IN:MAHEPC and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MAHEPC	Mahindra EPC Irrigation Limited	104.48	-29.47	-22.00%
IN:ESCORTS	Escorts Kubota Limited	2429.75	-1131.70	-31.78%
IN:JISLDVREQS	Jain Irrigation Systems Limited	19.01	-10.45	-35.47%
IN:RMDRIP	R M Drip And Sprinklers Systems Limited	17.92	-27.91	-60.90%
IN:VSTTILLERS	VST Tillers Tractors Limited	3955.75	-1573.01	-28.45%
IN:INDOFARM	Indo Farm Equipment Ltd.	127.55	-91.00	-41.64%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 17, 2026

Mahindra EPC Irrigation Limited AI Stock Analysis